Luminex, a Bitcoin Ordinals launchpad, has proposed a new standard called BRC-69, which will allegedly optimize the costs of inscribing on this network.<\/p>\n
This proposal comes barely a month after Bitcoin Ordinals\u2019 developers introduced recursive inscriptions to address the block size limit of 4 MB. Unlike normal Ordinals inscriptions, recursive inscriptions can reference each others\u2019 content through a special syntax.<\/p>\n
On Monday, June 3, Luminex introduced BRC-69<\/a>, a new standard that will facilitate the creation of Recursive Ordinals collections. According to the launchpad, this BRC standard will help reduce inscription fees by 90%.<\/p>\n In March 2023, the Ordinals protocol was updated to enable the minting of BRC-20 tokens, which have seen a significant level of adoption so far. According to data<\/a> from Coingecko, there are currently 35,528 BRC-20 tokens in circulation, with a market cap of more than $249 million.\u00a0<\/p>\n The increasing number of BRC-20 inscriptions has led to a scarcity of block space on the Bitcoin network. Consequently, BTC transaction fees have increased as there are more pending transactions.<\/p>\n A quarterly report by IntoTheBlock<\/a> revealed that the Bitcoin network fees surged by more than 300% in 2023 Q2. The BRC-20 standard \u2013 and the creation of new tokens \u2013 were reported to be one of the major driving forces of the increased on-chain fees.<\/p>\n To ease this pressure on the network, Luminex has developed the BRC-69 standard, which it claims to be a \u201crevolutionary standard\u201d. It will help reduce the cost of inscriptions while helping to optimize the Bitcoin block space as the number of inscriptions rises, according to the launchpad.<\/p>\n The BRC-69 standard reduces inscription fees in a four-step process of \u201cinscribe traits\u201d, \u201cdeploy collection\u201d, \u201ccompile collection\u201d, and \u201cmint assets\u201d, Luminex claims. This means that minters only need to inscribe a single line of text instead of a full image.<\/p>\n This text will serve as a reference, enabling the final image to be automatically rendered across Ordinals frontends, only using on-chain resources. \u201cThe end result? A flawlessly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image type Ordinals,\u201d Luminex said.<\/p>\n\n In addition to cost efficiency, Luminex\u2019s proposal<\/a> claims that the BRC-69 standard offers high flexibility and paves the way for other on-chain features. Some of these features include pre-reveal collection launching and on-chain reveals.<\/p>\n It is worth mentioning that the Bitcoin Ordinals are still controversial<\/a> in the cryptocurrency industry, as a large percentage of the Bitcoin community is opposed to the protocol. Many argue that this technology negatively impacts the efficiency and security of the Bitcoin network.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Luminex, a Bitcoin Ordinals launchpad, has proposed a new standard called BRC-69, which will allegedly optimize the costs of inscribing on this network.<\/p>\n This proposal comes barely a month after Bitcoin Ordinals\u2019 developers introduced recursive inscriptions to address the block size limit of 4 MB. Unlike normal Ordinals inscriptions, recursive inscriptions can reference each others\u2019 content through a special syntax.<\/p>\n On Monday, June 3, Luminex introduced BRC-69<\/a>, a new standard that will facilitate the creation of Recursive Ordinals collections. According to the launchpad, this BRC standard will help reduce inscription fees by 90%.<\/p>\n In March 2023, the Ordinals protocol was updated to enable the minting of BRC-20 tokens, which have seen a significant level of adoption so far. According to data<\/a> from Coingecko, there are currently 35,528 BRC-20 tokens in circulation, with a market cap of more than $249 million.\u00a0<\/p>\n The increasing number of BRC-20 inscriptions has led to a scarcity of block space on the Bitcoin network. Consequently, BTC transaction fees have increased as there are more pending transactions.<\/p>\n A quarterly report by IntoTheBlock<\/a> revealed that the Bitcoin network fees surged by more than 300% in 2023 Q2. The BRC-20 standard \u2013 and the creation of new tokens \u2013 were reported to be one of the major driving forces of the increased on-chain fees.<\/p>\n To ease this pressure on the network, Luminex has developed the BRC-69 standard, which it claims to be a \u201crevolutionary standard\u201d. It will help reduce the cost of inscriptions while helping to optimize the Bitcoin block space as the number of inscriptions rises, according to the launchpad.<\/p>\n The BRC-69 standard reduces inscription fees in a four-step process of \u201cinscribe traits\u201d, \u201cdeploy collection\u201d, \u201ccompile collection\u201d, and \u201cmint assets\u201d, Luminex claims. This means that minters only need to inscribe a single line of text instead of a full image.<\/p>\n This text will serve as a reference, enabling the final image to be automatically rendered across Ordinals frontends, only using on-chain resources. \u201cThe end result? A flawlessly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image type Ordinals,\u201d Luminex said.<\/p>\n In addition to cost efficiency, Luminex\u2019s proposal<\/a> claims that the BRC-69 standard offers high flexibility and paves the way for other on-chain features. Some of these features include pre-reveal collection launching and on-chain reveals.<\/p>\nBRC-69 Standard To Cut Inscription Fees In 4 Steps<\/h2>\n
BRC-69 Standard Can Reduce Inscription Fees By 90%: Luminex<\/h2>\n
BRC-69 Standard To Cut Inscription Fees In 4 Steps<\/h2>\n